Janet Yellen let slip details of Biden's executive order on crypto
A statement from U.S. Treasury Secretary Janet Yellen on President Joe Biden’s executive order regarding digital assets calls for efforts to support innovation while addressing risk in the industry.
Yellen’s statement was released a day early apparently by error and quickly deleted, but was captured on a web archive. It shares early insights into the details of President Biden’s soon to be released executive order. The order will call for “a coordinated and comprehensive approach to digital asset policy.”
Yellen’s statement said that the executive order could “result in substantial benefits for the nation, consumers, and businesses.”
Yellen also outlined the next step the Treasury Department will take in learning to understand digital assets and how to regulate them within the parameters of the executive order.
President Biden’s White House has been working on an executive order related to digital assets since Jan. which an unnamed source told Barron’s said will help “give coherency to what the government is trying to do in this space.”
Looks like Yellen's comments on tomorrow's Executive Order were accidentally posted a day early (now removed). https://t.co/k9jZJcPhS4 got them, though - https://t.co/EtOq1eNHRI
To assist the Treasury in its efforts, other agencies will collaborate to create a report “on the future of money and payment systems.” This will be done with input from international actors in order to “promote robust standards and a level playing field.”
There will also be cooperation with the Financial Stability Oversight Council to determine if “appropriate safeguards” exist. These efforts will be added to the ongoing work that Yellen said her department has already undertaken with the Federal Deposit Insurance
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